Ways Forward Through Business Loans During COVID-19

The COVID-19 pandemic has been a very unsettling period over the past 18 months for most businesses. The situation in Australia was starting to appear extremely positive with economic indicators well beyond the expectations of even the Treasurer, Josh Frydenberg. But despite the best efforts of many, the Delta variant of COVID-19 managed to get into the community and cause widespread outbreaks. With a number of outbreaks across several states, lockdowns were seen as the only course of action for State and Territory Governments in a race to contain community transmission.

But lockdowns come at a cost, especially to businesses that may have just begun to recoup the negative impacts sustained earlier in the pandemic. Even for those businesses that have not been seriously impacted by the lockdowns or other aspects of the pandemic, the continuing COVID-19 situation can be a reason to rethink and reassess the overall business operation. Time to consider more workable and affordable ways to take the business forward amidst uncertain times. Consider how cost-effective and tailored finance may be the springboard to facilitate your business plans.

Purpose and Function

Commercial or business finance includes a range of solutions to suit different purposes. Finance is not confined just to loans for the purchase of assets such as vehicles, trucks and equipment. Businesses require funding to solve a range of needs and the funding available is structured to suit those specific requirements.

Identifying the business need and matching that need with the appropriate finance solution is key to a cost-effective and workable outcome. Equally key is sourcing that finances through the right lender. The product range and interest rates on commercial finance can vary significantly across the lender market.

Businesses that traditionally and solely source their finance and loans only through the bank where they hold their transaction accounts may be overlooking the flexible loan offers available through the extensive non-bank lender market. Non-bank lenders are not always as well-known as the major and even minor banks and many offer their services only through a broker network with businesses such as Jade Finance.

While the major banks can be highly competitive and remain the largest source of lending in Australia, exploring the growing non-bank lender market can deliver benefits to many businesses. Allow Jade Finance to handle your finance requirements, and receive access to banks and non-bank lenders sourcing the cheapest rates on offer.

What is your preferred way forward?

So how are you looking to move your business forward and how can we assist you to achieve your objectives.

  • Acquiring Business Assets: For many businesses, expansion and growth require the purchase of additional or upgrade equipment, plant and machinery, trucks or other vehicles. These assets can be financed very cost-effectively through a range of finance products. Our portfolio of asset acquisition loans includes Leasing, Rent to Own, Car Chattel Mortgage and Commercial Hire Purchase. These are based on essentially a secured loan format and all offer tax-deductible benefits.
  • Supporting Cash Flow: Pressures on cash flow can be a recurring problem for businesses. A problem that is exacerbated by lockdowns that cause either business closures or limit customers and income. To support cash flow issues, we offer Business Overdrafts as a flexible option. While most associate overdrafts only with banks, you may be surprised to know that non-bank lenders also provide overdraft facilities to businesses. They operate on the same basis and can be an attractive option, especially where a business does not meet its bank’s guidelines for an overdraft.
  • Purchasing Non-Asset Business Needs: Beyond the equipment and vehicles, the business has many other purchases which can power their business forward. Purchases that are not suited to the asset acquisition loans. These may include the implementation of training and development programs and other business development activities as well as other purposes. For these purposes, we offer both Secured and Unsecured Business Loans. Our consultants will work with you to deliver the most appropriate option.
  • Easing Individual Payment Pressures: You may have a large obstacle preventing your pathway to move forward. That obstacle may be a large payment for your insurance premium. To enable businesses to spread large insurance premiums over a longer timeframe we offer Insurance Premium Funding. This loan type divides the large premium into several smaller payments to ease pressures on the business and free up funds for other general operational purposes.
  • Accelerating Receipt of Payments for Goods and Services: So many businesses have their own growth or even weekly operations hampered by the slow payment policies or behaviour of their customers. You do the work, provide the services, deliver the goods within the required timeframe and then have to wait for ages for payment while covering your ongoing costs. Invoice Debtor Funding is a flexible and workable solution to this situation and maybe just what you are seeking to get your business moving.

Feel free to use our Interest Rate Calculator to compare banks and lenders Australia wide and request a quote.

Specialist Loans: Low Docs and No Docs

If you see your way forward in a business of your own, then you may be set for challenges in sourcing finance. Setting up a new business can present issues in achieving loans as banks will require extensive financial documentation as part of the application.

Through our non-bank lenders, we can provide low docs and no doc car loans across our portfolio which open up the opportunity for new and start-up businesses to access cheap interest rate finance solutions.

Whatever you see as the way forward for your business, Jade Finance is prepared to join you on the journey through sourcing cheap interest rate finance.

For quotes on business finance solutions contact Jade Finance 1300 000 008